Thirteen players are coming to the end of their current deals, including captain Tom Anderson, John Bostock and Fejiri Okenabirhie.
McSheffrey has said he needs to trim down his squad and will offer contract extensions to “three, four or five” players.
Rovers are set to exercise an option to extend Anderson’s stay at the Eco-Power Stadium.
McSheffrey told BBC Radio Sheffield: “Obviously there’ll be some disappointed people and there’ll be some happy people. And then it’s down to the people at the club to negotiate what people will want.
"We have to recruit and retain wisely.
"The club hold the cards on a few players because there’s club options on certain individuals.
"But you finish the season playing like some of our players have played and there’ll be teams we’re playing against thinking that could be a nice free transfer for them in the summer.
"We’ll offer some contracts and release some players and then it’s down to hoping those players accept the terms.”
Louis Jones, Ben Bottomley, Cameron John, Branden Horton, Ben Blythe, Lirak Hasani, AJ Greaves, Dan Gardner, Aidan Barlow and Ed Williams are also out of contract this summer.